6 Reasons Renting is Better Than Buying

While homeownership is a dream for many people, it may not be for everyone. Depending on your age, your lifestyle, and where you are in life, renting is a smart choice for many people.

Here are six reasons why renting is better than buying:

1. You will have more options.

Depending on where you want to live, you may have more options as a renter. Trendy areas like the warehouse or arts districts of major cities or beach communities are typically more renter friendly. Finding an affordable home to buy may mean moving into less popular areas.

2. Your costs could be lower.

You don’t build up home equity by renting, but your costs might be lower. “Renters don’t have to worry about several costs associated with ownership, including property taxes, assessments and certain maintenance and repair costs. Renters also don’t have to pay a large down payment,” said Diana Pittro, executive vice president of RMK Management Corp.

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3. Moving is easier.

When you’re moving in, you only need to fill out an application and pay any upfront costs. The landlord handles the rest. If your life changes and you need to make a move later, you will have a much easier time than homeowners. This flexibility is key for many renters.

“Whether it’s time for a larger place or you’re transferring for work or any number of life changes that occur, it takes a lot of stress out of the equation knowing you won’t have to find a buyer for your home or condo, or worry about whether you’ll lose money on the sale,” Pittro said.

4. Someone else handles the work.

Homeowners mow lawns, clean pools and make repairs around the house—or pay others to do the work. When you rent, your landlord or property manager handles most of the maintenance, including landscaping, pool care and general property upkeep. Better still, your landlord is on the hook for making any large repairs.

5. You can meet more people.

If you are new in town, or just really like meeting new people, living in an apartment complex gives you loads of opportunities to socialize. Most apartment complexes will give you a chance to meet your neighbors at the pool, the on-site gym or around the grounds.

Some complexes also host events to give tenants a chance to mingle. “Some apartment management firms … host resident events like cooking classes, movie nights and pool parties to help foster a sense of community among neighbors,” Pittro said.

6. You can enjoy the amenities.

The renter lifestyle also may come with perks and amenities. Pittro said some luxury communities offer perks like movie theaters and bike sharing programs. Some of the more common amenities at many complexes include: